Vocab
LTV
what is Loan to Value
The acceptable IDs
Gove Issued IDS such as a Driver's license
Passport, state.
The max LTV on a bridge loan is
what is 75%
The processing fee
what is 1,5000.00
VOM
what is Varication of Morage - this is need when we are doing a refi on a loan that not held by BC
LTC
Loan to cost
The accounts that can be used for Liquidity
what is a checking or saving account
The max LTC for Detroit
what is 86.5%
The credit score minimum
what is 680
Non Dutch
what is Interest charged on unpaid principal balance ("As Disbursed", or "Non-Dutch")
PITI
what is Principal Interest taxes and Insurance
The min liability coverage
what is 1,000,000.00
The max LTC for Development loans
what is 90% LTC
The Borrowers experience
what is Min 3+ similar deals past 24 mos
The Extension Fee
what is 1% per 3 Months
UPB
Unpaid Principal Balance.
The min Builder Risk Coverage
what is the loan amount
The max term for Bridge Loan
what is 24 months
The min & max Loan amount
What is 65,000.00 And 3,500,000.00
The Borrowing Entities Allowed
what is LLC, LP, Corp
REO
Real Estate Owned.
what is Liability insurance of 1,000,000.00
The Eligible Property Types Rehab
Non-owner occupied 1-4 unit residential
Single Family Residence 2-4 unit multifamily
Condominiums (not greater than 4 floors)
Townhomes
The states we lend to.
what is CA, CN, CO, FL, GA, ID, IL ,MI, MO, NC, NJ, NM, NY, OH, OR, PA, SC, TN, TX, UT, VA
The Best Team in lending
what is BC